New York firm completes $160 mil. purchase of Montek

Enterprise, The, Dec 14, 1998

Moog Inc., a New York firm whose shares are traded on the America Stock Exchange, has completed its acquisition of Salt Lake City-based Raytheon Aircraft Montek Co., $90 million producer of aircraft control systems.

Montek became part of Raytheon Aircraft in 1995, when Raytheon acquired ESystems, which had earlier acquired Montek.

Moog Inc., a maker of precision control components and systems, paid approximately $160 million for the Utah company. The purchase price will be financed with a new five-year bank credit facility.

With the acquisition of Montek, which traces its roots back to 1955, Moog expects to generate annual revenues of more than $630 million.

About 80 percent of Montek's current revenues come from commercial and military aircraft hardware and associated aftermarket sales. The remainder is split between tactical missiles and industrial hydraulics.

Montek employs approximately 650 people in its 275,000 square foot plant at 2268 So. 3270 W.

Montek's aircraft control systems appear on all Boeing series jetliners, Lockheed Martin's L-1011, Bombardier's Global Express and DeHavilland DHC-8 Series 400 aircraft, the U.S. Air Force's C-5B transport, the B-2 bomber and F-22 Fighter, the U.S. Navy's F/A 18 and Raytheon Aircraft's Premier 1 and Hawker Horizon business jets.

Montek's missile control systems are used to maneuver a missile's flight control surfaces. The company has been involved in the Hughes TOW, Lockheed Martin Hellfire, Northrop-Grumman TSSAM and GATS/GAM and Raytheon EFOG-M and Maverick programs.

Providence Washington Insurance Companies

(PWIC), a more than $240 million property and casualty insurance group headquartered in Providence, Rhode Island, will open a commercial underwriting and processing office here Dec. 21.

To be located at 141 E. 5600 So., Murray, the office will have a staff of four, said Walter McCutcheon, vice president of PWIC's western branch.

Myrna Gaisford will manage the new PWIC office. Gaisford is the underwriting and marketing manager for the Salt Lake office of American Concept Insurance Co., a PWIC personal lines subsidiary, McCutcheon said.